Ginkgo to Pay $17.8 Million in Class Deal Over SPAC Merger, IPO

Ginkgo Bioworks Holdings, Inc. will pay almost $17.8 million to settle a class action alleging the biotechnology company misled investors in a proxy registration statement to secure its merger with a special purpose acquisition company and have its initial public offering.

Magistrate Judge Kandis A. Westmore gave her final approval of the settlement on Dec. 13, noting the strength of the plaintiff’s case, fairness of the terms, and risks and burden of further litigation in the US District Court for the Northern District of California.

The lead plaintiff, Sharon Bernstein, and her counsel Pomerantz LLP didn’t formally seek class status ...